EU pledges $620 million for railroad technology

Dec 16, 2013

The executive arm of the European Union says it will give 450 million euros ($620 million) to a research program trying to develop new railroad technologies by 2020.

The European Commission said in a statement Monday it will fund the program, together with companies active in the railway industry including Siemens, Thales, Alstom, and others. The are to fund a matching amount but have so far pledged only 270 million euros.

The program has targets for designing better trains, developing traffic management software, improving track infrastructure, and improving connections between freight and other modes of transport.

The European rail system is considered one of the world's best, and European companies are the largest supplier of rail services and products globally, but they fear Asian competition.

Explore further: EU OKs $2.7bn Siemens takeover of UK rail firm

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Squirrel
not rated yet Dec 17, 2013
Notice the factual error?

$620 million is not been given by "the executive arm of the European Union"--the truth is that $620 million is been taken out of the pockets of EU taxpayers.

Worse, if Siemens, Thales, Alstom etc though this was a worthy way of spending money then they be putting up all the cash. Given they are not even prepared to fully put matching money up suggests they do not think its wise investment. Looks like another case of EU wasting other people's money.

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